Wi n t e r 2008 In this issue: Housing Market Update Affordable Housing Update Special Focus: Tracking Subsidized Housing

Size: px
Start display at page:

Download "Wi n t e r 2008 In this issue: Housing Market Update Affordable Housing Update Special Focus: Tracking Subsidized Housing"

Transcription

1 District of Columbia Housing Monitor Wi n t e r 2008 In this issue: Housing Market Update Affordable Housing Update Special Focus: Tracking Subsidized Housing In the Spotlight Map 1. Affordable Housing Developments by Subsidy Type Wa s h i n g t o n, D.C., 2007

2 About the authors of this issue of the District of Columbia Housing Monitor Peter A. Tatian is a senior research associate at the Urban Institute s Center on Metropolitan Housing and Communities and director of NeighborhoodInfo DC. G. Thomas Kingsley is a principal research associate at the Urban Institute s Center on Metropolitan Housing and Communities. The authors would like to thank Patrick Simmons, Keith Wardrip, and Martine Combal for reviewing and commenting on earlier versions of this report. NeighborhoodInfo DC is a partnership between the Urban Institute and the Washington, D.C., Local Initiatives Support Corporation to provide community-based organizations and citizens in the District of Columbia with local data and analysis they can use to improve the quality of life in their neighborhoods. The Fannie Mae Foundation funds NeighborhoodInfo DC to produce the District of Columbia Housing Monitor Fannie Mae Foundation All Rights Reserved. The Fannie Mae Foundation, through its publications and other programs, is committed to the full and fair exposition of issues related to affordable housing and community development. The opinions expressed in this publication are those of the authors and do not necessarily represent the views of the Fannie Mae Foundation or its officers or directors.

3 The quarterly District of Columbia Housing Monitor uses the most recent available data to illuminate housing market and affordable housing trends in the city. In addition, each report includes a special focus section that analyzes, in greater depth, developments shaping the Washington, D.C., housing landscape. In this issue, the special section uses comprehensive data on assisted housing units to track the supply of affordable housing in the city s wards. The information presented in this report is supplemented by data provided on the NeighborhoodInfo DC web site ( Key findings include the following: Sales of condominiums remained steady in the first two quarters of 2007, but volume was lower than one year earlier. Sales of single-family homes were also down from the prior year. Sales prices of houses were up over the year, while condominium prices fell. Sales data through the second quarter of 2007 presented a mixed picture of the District of Columbia housing market. Condominium sales were steady, but lower than a year ago, while sales of single-family homes have fallen sharply. Prices of both single-family homes and condominiums went in different directions over the previous year. The median sales price of a single-family home was $500,000 in the second quarter of 2007, up 6.6 percent in real terms from the second quarter of The median price of a condominium unit, $375,000 in the second quarter of 2007, fell 2.0 percent from the second quarter of Monthly real estate listings for condominium and cooperative units were lower, on average, than in Housing units for sale also spent more time on the market in Average monthly real estate listings for single-family homes grew in 2007, while listings for condominium and cooperative units fell. Listings per sale for single-family homes grew throughout 2007, rising from 4.4 listings per sale in the first quarter to 7.3 listings per sale in the last quarter. Houses listed for sale in 2007 spent more time on the market before being sold than did homes listed in Second-quarter sales prices of single-family homes were down in most wards from the previous year. The largest price decline was in Ward 2, the ward with the highest-valued homes, while real prices grew in Wards 4 and 8. Condominium prices across the city continued to show more volatility than home prices, with both declines and increases across the wards. The median home price in Ward 2 was $877,000 in the second quarter of 2007, down 20.1 percent in real terms from the second quarter of Prices fell in all other wards over the year, except in Ward 4, which grew 7.7 percent, and in Ward 8, which grew 1.2 percent. Construction of new housing units was on a slower pace during 2007 than in 2005 or 2006, but was still greater than in recent years prior to Building permits in 2007 included a relatively large share of new single-family homes. Home building remained strong through 2007, although the pace of new construction has slowed from a recent high in Almost three-quarters (73 percent) of the planned new housing construction in 2007 was for units in Wards 1, 6, and 8. About 28 percent of the permitted new units for 2007 were for singlefamily homes, a dramatic change from 2006, when fewer than 1 percent of the units permitted were in single-family housing. Cumulative losses of Section 8 housing totaled 1,995 units through June As of January 1, 2008, the District of Columbia had 9,966 active housing units subsidized under Section 8 and other federal multifamily programs. A total of 1,995 units have been lost to the Section 8 program since 2000, representing about 15 percent of the city s Section 8 housing stock. Almost 35,000 units of subsidized, affordable housing exist, or are in development, in the District of Columbia, and 9,772 households benefit from housing choice vouchers, a portable subsidy not tied to a particular housing unit. According to data compiled by the National Low Income Housing Coalition, 34,981 (±255) units in 275 housing developments in the District of Columbia are affordable under a variety of project-based subsidy programs. The largest number of units in a single subsidy category, 7,384 units, are in traditional public housing. Another large share of subsidized units benefit from project-based Section 8 subsidies alone (4,527 units) or in combination with other programs (7,504 ± 69 units). These units are of particular importance for preservation. About 9,772 households in the city use housing-choice vouchers to help pay their rent; some of these vouchers may be used in combination with project-based housing subsidies and so do not necessarily represent a net increase in assisted households. 3

4 Ward 8 has by far the largest share of projectbased housing units, as well as the largest number of voucher households. Over 11,000 units in subsidized housing projects are located in Ward 8, almost twice as many as in the second highest area, Ward 7. Ward 8 s total represents about a third of the affordable project-based housing units in the city. Taxable corporations and partnerships, most likely for profit entities, account for the largest share of property owners of project-based subsidized housing. The second largest share of units is owned by the D.C. government, followed by community development corporations and other nonprofit housing providers. In the District of Columbia, taxable corporations and partnerships own properties that make up 14,431 (±183) affordable housing units. This group is the largest owner of Section 8 subsidized properties in the city, as well as the largest owner of tax credit projects, subsidies that have expiration dates attached to them. The government of the District of Columbia is the second largest owner of project-based affordable units, while community development corporations/ associations and other nonprofit organizations have the third largest share. Over 10,000 housing units are set to have their affordability restrictions expire by 2010, presenting a continuing challenge to preserving affordable housing in the city. Affordability restrictions will expire on 68 percent of the city s project-based subsidized housing over the next 14 years. While reaching expiration does not necessarily mean that these units will be lost to the affordable housing stock, the data suggest that District of Columbia will face a significant challenge in preserving its affordable housing stock for years to come. Housing Market Update 4 Home Sales Sales of condominiums remained steady in the first two quarters of 2007, but volume was lower than a year earlier. Sales of singlefamily homes were also down from the prior year. Sales prices of houses were up over the year, while condominium prices fell. Sales data through the second quarter of 2007 presented a mixed picture of the District of Columbia housing market. While the market is not as strong as a year earlier, single-family homes seemed to have retained more of their value than condominiums. Condominium sales at the start of 2007 were steady, with 989 sales in the second quarter of 2007, almost the same volume as the first quarter of 2007 and considerably higher than the second quarters of 2002 and 1997 (table 1 and figure 1). Nonetheless, sales volume for condominiums is down 12 percent from a year ago, in the second quarter of The drop in sales is likely a result of the continued softening of the real estate market, fueled by the national mortgage credit crisis. Single-family home sales were also down sharply from a year ago. The volume of single-family homes sold fell from 1,076 to 807 between the second quarters of 2006 and 2007, a 25 percent decline. Single-family home sales in the second quarter of 2007 were also markedly lower than in the second quarters of 2002 and Prices of both single-family homes and condominiums went in different directions over the previous year, with home prices rising and condominium prices falling. The median sales price of a single-family home in the District of Columbia was $500,000 in the second quarter of 2007, up 6.6 percent in real terms from the second quarter of 2006, when the median price was $469,000 in 2007 dollars. The median price of a condominium unit, $375,000 in the second quarter of 2007, was up slightly from the first quarter, but fell 2.0 percent from the inflation-adjusted price of $383,000 in the second quarter of Single-family home and condominium prices remained significantly higher from 5 to 10 years ago. The drop in condominium prices can be partly explained by the recent increase in new and converted condominium properties in city. As reported in the Summer 2007 Housing Monitor, the supply of condominium units has grown substantially since 2001, while the supply of single-family homes has not changed appreciably.

5 Table 1: Home Sales by Ward, Washington, D.C., Q2 Single-Family Home Sales D.C. Total Ward 1 Ward 2 Ward 3 Ward 4 Ward 5 Ward 6 Ward 7 Ward 8 Number of Sales 2007 Q Q , (annual average) 4, (annual average) 4, Median sales price (2007 $ thousands) 2007 Q Q Percent real change, median sales price 2007 Q Q Q Q Q Q2 (annualized) Q Q2 (annualized) Percent units sold, owner occupants a 2007 Q Q Q Q Condominium Sales Number of Sales 2007 Q Q , , (annual average) 3, , (annual average) 2, Median sales price (2007 $ thousands) 2007 Q Q Percent real change, median sales price 2007 Q Q Q Q Q Q2 (annualized) Q Q2 (annualized) b Percent units sold, owner occupants a 2007 Q Q Q Q Sources: D.C. Real Property database tabulated by NeighborhoodInfo DC. Notes: a Revised from Summer 2007 Housing Monitor. b Insufficient sales to show quarterly price change. 5

6 Figure 1. Single-Family Home and Condominium Quarter-to-Quarter Sales Trends, 1997 Q1 through 2007 Q2, Washington, D.C. 1,500 1, ,056 Number of Sales Single-Family Homes 1,131 1, Condominiums 1, Median Sales Price (2007 $ thous.) Single-Family Homes Condominiums Q2 02 Q2 06 Q2 07 Q1 07 Q2 97 Q2 02 Q2 06 Q2 07 Q1 07 Q Q2 02 Q2 06 Q2 07 Q1 07 Q2 97 Q2 02 Q2 06 Q2 07 Q1 07 Q2 Source: D.C. real property sales data tabulated by NeighborhoodInfo DC. 6 Monthly real estate listings for condominium and cooperative units were lower, on average, than in Housing units for sale also spent more time on the market in Average monthly real estate listings for single-family homes grew in Although the monthly listings for the first quarter of 2007 were below the 2006 average, the remaining quarters of the year were all higher, ranging from 1,518 to 1,693 listings per month (table 2). Monthly listings of condominium and cooperative housing units were down from 2006, however. Average listings per month ranged from a low of 1,410 in the first quarter of 2007 to a high of 1,613 in second quarter, all below the 2006 average of 1,647. Listings per sale for single-family homes grew throughout 2007, rising from 4.4 listings per sale in the first quarter to 7.3 listings per sale in the last quarter. Listings per sale for condominium and cooperative units fluctuated over the year, with a low of 4.4 listings per sale in the second quarter and a high of 6.6 in the fourth quarter. Houses listed for sale in 2007 spent more time on the market before being sold than did homes listed in The percentages of single-family, condominium, and cooperative housing units spending 90 days or more and 120 days or more on the market in all four quarters of 2007 were equal to or higher than the 2006 average. The longer time on the market is further confirmation of the overall housing market slowdown in Second-quarter sales prices of singlefamily homes were down in most wards from the previous year. The largest price decline was in Ward 2, the ward with the highest-valued homes, while real prices grew in Wards 4 and 8. Condominium prices across the city continued to show more volatility than home prices, with both declines and increases across the wards. Sales of single-family homes were highest in Ward 4, which had 154 sales in the second quarter of 2007, and lowest in Ward 8, with only 29 sales (table 1). Condominium sales were highest in Ward 2, with 326 sales, and lowest in Wards 4 and 7, with only 30 sales each. The median price of a single-family home was down significantly in Ward 2 from a year earlier. The median home price in Ward 2 was $877,000 in the second quarter of 2007, down 20.1 percent in real terms from the second quarter of 2006 (table 1). This was the largest price drop among all wards for the year and continues a downward price trend in Ward 2 since early 2006 (figure 2). Prices also fell in Wards 1, 3, 5, 6, and 7, although the declines were moderate. Wards 4 and 8 were the only areas to buck the downward trend. The median price of a single-family home in Ward 4 grew 7.7 percent in real terms between the second quarters of 2006 and 2007, while the median price in Ward 8 grew 1.2 percent. There was more variation in price changes for condominium units between the second quarters of 2006 and 2007 than for single-family homes. Five wards recorded increases in real prices of condominiums over the year; while three posted declines (table 1). The largest increase was in Ward 5, where the median sales price of a condominium unit rose 20.5 percent in real terms for the year, to $300,000 in the second quarter of Sales volume in Ward 5 was rather low, however, with only 40 condominiums sold in the second quarter of In the ward with the largest number of condominium sales, Ward 2, the median price rose 9.6 percent for the year, to $463,000 in the second quarter of The largest drop

7 Table 2: Real Estate Listing Trends by Housing Type, Washington, D.C., Q4 Year Percentage of All Housing Sales by Single-Family Homes Condo/Coop Units Days on the Market Listings/Month Listings/Sale Listings/Month Listings/Sale 60+ Days 90+ Days 120+ Days 2007 Q4 1, , Q3 1, , Q2 1, , Q1 1, , , , , n/a n/a n/a Source: Metropolitan Regional Information Systems, Inc., data tabulated by NeighborhoodInfo DC. (Data used with permission.) Notes: Listings are current active listings from monthly reports. n/a = Data not available for these years. Figure 2. Single-Family Home Price Trends by Ward, Q2 (Quarterly), Washington, D.C. Four-quarter moving average of median price (2007 $ thousands) 1,100 1, Ward 1 Ward 2 Ward 3 Ward 4 Ward 5 Ward 6 Ward 7 Ward Source: D.C. real property sales data tabulated by NeighborhoodInfo DC. 7

8 in condominium prices was in Ward 1, where the median sales price fell 8.5 percent in real terms between the second quarters of 2006 and Despite the short-term fluctuations, the longer-term price trends for single-family homes and condominium units across all the wards remained solid and positive. The five-year price trend for single-family homes was a 13.0 percent per year real increase for the city overall, varying from a low of 4.9 percent in high-priced Ward 3 to 14.4 percent in Wards 4 and 5. The ten-year price trend was an 11.1 percent per year increase, varying from 7.2 percent in Ward 2 to 14.4 percent in Ward 1. Five- and ten-year trends for condominium unties were also positive across all wards. Housing Stock Construction of new housing units was on a slower pace during 2007 than in 2005 or 2006 but was still greater than in recent years prior to Building permits in 2007 included a relatively large share of new single-family homes. Home building remained strong through 2007, although the pace of new construction has slowed from a recent high in According to data from the U.S. Census Bureau s Building Permits Survey and the D.C. Office of Figure 3. New, Privately Owned Housing Units Authorized by Permit, January through December, , 3,500 Washington, D.C. 3,000 3,225 2,500 2,294 2,000 1,936 2,028 1,500 1,591 1,427 1, Source: U.S. Census Bureau Building Permits Survey ( , 2007) and D.C. Office of Planning data (2006) tabulated by NeighborhoodInfo DC. Notes: Census Bureau housing unit counts are unadjusted estimates with imputation. Totals for 2006 revised from previous Housing Monitors 8

9 Planning, building permits were issued for the construction of 2,028 new housing units (figure 3). This is down from 3,225 units in 2006 and 2,294 units in 2005, but higher than annual unit counts for 2000 through Almost three-quarters (73 percent) of the planned new housing construction in 2007 was for units in Wards 1, 6, and 8. About 25 percent of the new units are to be built in Ward 1, with another 25 percent in Ward 6, and 23 percent in Ward 8. Wards 4 and 5 each had 11 percent of the new housing units in permits issued in The 2007 building permits included larger numbers of single-family homes than in earlier years. About 28 percent of the permitted new units for 2007 were for single-family homes, a dramatic change from 2006, when fewer than 1 percent of the units permitted were in singlefamily housing. Almost all of these new single-family homes will be in Wards 5 and 8. Ward 8 had the largest share of building permits for single-family homes in 2007, 57 percent, and Ward 5 the second highest, 28 percent. Ward 7 had 9 percent of the single-family homes permitted, and all other wards had 3 percent or fewer. Affordable Housing Update This section of the Housing Monitor focuses on Washington, D.C. s federally subsidized multifamily housing, primarily units assisted under the project-based Section 8 Housing Assistance Payments program (Section 8). 1 Preserving federally assisted housing projects is an important part of the city s strategy for providing an adequate supply of affordable housing for low-income and working families. Cumulative losses of Section 8 housing totaled 1,995 units through June As of January 1, 2008, the District of Columbia had 9,966 active housing units subsidized under Section 8 and other federal multifamily programs (table 3). 2 Contracts for over a quarter of these units (2,729 units) are set to expire between January and December 2008, putting these units at risk of being lost from the city s affordable housing stock. If past experience is a guide, however, many of these units will have their rental assistance contracts renewed although for shorter terms. During the previous 12 months (January to December 2007), contracts for 4,739 assisted units were renewed, half of them (2,403 units) for terms of one to two years. Nine contracts with a total of 1,173 units were renewed for terms of 10 years or more. As noted above, the vast majority of owners renew their Section 8 contracts for short terms. Over time, however, projects will drop out of the program, leading to a slow but steady decline in the city s federally assisted units. The last line of table 3 tracks these cumulative losses from 2000 through June A total of 1,995 units have been lost to the Section 8 program since 2000, representing about 15 percent of the city s Section 8 housing stock. Almost all of these units exited the program through contract expirations. Only 9 units were in buildings terminated from the program by the U.S. Department of Housing and Community Development (HUD) for some cause. 3 The largest numbers of lost units have been in Ward 8 (1,091 units), Ward 5 (327 units), and Ward 2 (310 units). The number of lost units has fluctuated from year to year, without any clear trend, with 304 units lost in 2001, 89 units lost in 2002, and 123 units lost in Losses to the Section 8 program may not necessarily result in a net loss in affordable housing. Some properties may continue to be subsidized by other programs after leaving Section 8, or they may be purchased by the current tenants, through the District of Columbia s Tenant Opportunity to Purchase Act, and kept affordable. In fact, the Office of the Deputy Mayor for Planning and Economic Development reports that several properties that left the Section 8 program will be preserved as affordable housing through New Communities or other city-funded initiatives. While this is good news, exits from the Section 8 program do represent a loss of a valuable federal subsidy, since Section 8 funds cannot be subsequently reallocated to another property. Additional detailed reports on Section 8 and other multifamily projects are available on our web site: 9

10 Affordable Housing Update Table 3: Housing Units in Section 8 Multifamily Projects by Ward, Washington, D.C. D.C. Total Ward 1 Ward 2 Ward 3 Ward 4 Current active units (as of Jan 1, 2008) 9,966 1,972 1, Upcoming expiring (Jan Dec 2008) 2, Renewals (Jan Dec 2007) 4, Expirations (Jan Dec 2007) 1, Cumulative losses (Jan Jun 2007) 1, Ward 5 Ward 6 Ward 7 Ward 8 1,736 1,384 1,228 2, , ,091 Sources: HUD Section 8 database (12/28/07 and earlier) tabulated by NeighborhoodInfo DC. Special Section: Tracking Subsidized Housing During the past year and a half, the District of Columbia Housing Monitor has reported on rising housing prices in Washington, D.C. s wards and neighborhoods, which has driven the need for increased investment in affordable housing. We have also tracked the Section 8 multifamily housing stock and reported on the number of units that have left this program. Up until now, however, we have not reported more broadly on affordable housing throughout the city. Starting with this special section, we are taking a further step toward a more comprehensive affordable housing reporting capacity for the District of Columbia by tracking a broader set of federally and locally subsidized housing units. In partnership with the National Low Income Housing Coalition (NLIHC), and with support from the Fannie Mae Foundation and the MacArthur Foundation, we have assembled the most comprehensive set of data available on subsidized housing developments in the city to date. NLIHC has merged different data sources on project-based subsidies to create a comprehensive Housing Preservation Catalog a list of subsidized housing developments. These data include developments supported through federal subsidies, including public housing, Section 8, Section 202, HOME, CDBG, and Low Income Housing Tax Credits, as well as local subsidies, including the Housing Production Trust Fund and tax-exempt bonds. The data in the Catalog include, for most programs, the total number of housing units in a development, the number of affordable units, and the starting and ending dates of affordability restrictions (for those programs that do not require that units be kept permanently affordable). 4 The Housing Monitor has added to the information in the NLIHC Catalog by geocoding the projects to land parcels, which allows us to match the development to the property owner. Using ownership categories developed for our Who Owns the Neighborhood? analysis (Winter 2007 Housing Monitor), we can summarize affordable units by ownership type. When reporting counts of affordable units, we needed to address the situation where the same housing development is included in multiple subsidy programs. This practice, known as subsidy layering, is often necessary to finance an affordable housing development. The NLIHC Catalog identifies the number of housing units in a development that are designated as affordable under different programs. For projects with subsidy layering, however, it is not possible to tell whether the same housing units are designated as affordable under different subsidy programs. For example, if a development has a total of 20 units, with 10 affordable Section 8 units and 10 affordable tax credit units, then the development could have anywhere from 10 total affordable units (100 percent overlap between the Section 8 and tax credit programs) to 20 affordable units (no overlap between the two programs). To account for this in our tabulations of subsidized, affordable units, we determined the minimum and maximum number of affordable units possible in each subsidized housing development and expressed the result as an average with a confidence interval. For example, a range of 10 to 20 affordable units is expressed as 15 (±5). 10

11 Finally, many subsidy programs, such as the projectbased Section 8 program, have time limits on the initial affordability period for units. In other words, in exchange for the subsidy, the owner commits to keep the units affordable for a specified time. At the end of the affordability restriction period, the owner may opt out of the program, in which case the units would no longer be kept affordable. The NLIHC preservation catalog includes data on when the affordability period ends for many housing developments, and we have reported this information in this Housing Monitor. In addition to the data on project-based subsidized housing, the Housing Monitor has included data on numbers of households using federally funded housing-choice vouchers. 5 This program provides a portable subsidy that a household can use to rent an acceptable housing unit on the open market. The subsidy is portable in that, provided the new housing unit meets program eligibility criteria, a household can take the voucher with it when it moves. Note that, since a household can often use a voucher in subsidized housing developments other than public housing, vouchers do not necessarily represent a net addition of households being assisted. Nevertheless, the combination of a voucher with a project-based subsidy can allow a very low income family to occupy a subsidized unit that might otherwise not be affordable to them. Almost 35,000 units of subsidized, affordable housing exist, or are in development 6, in the District of Columbia, and 9,772 households benefit from housing choice vouchers, a portable subsidy not tied to a particular housing unit. Table 4 summarizes the affordable housing supply in the District of Columbia for tenant-based and projectbased subsidy programs. A total of 34,981 (±255) units in 275 housing developments are affordable under a variety of project-based subsidy programs. Almost half of these, 16,612 units, are in projects benefiting from a Map 1. Affordable Housing Developments by Subsidy Type, Washington, D.C.,

12 Table 4: Affordable Housing Units by Ward, Washington, D.C. Affordable Housing Units Projects D.C. Total Ward 1 Ward 2 Ward 3 Ward 4 Ward 5 Ward 6 Ward 7 Ward 8 Housing Choice Vouchers, 2004 n/a 9, , ,125 3,205 Project-Based Subsidies, ,981 ±255 4,130 ±8 Public housing only 43 7, Section 8 only 35 4, Section 8 and other subsidies 44 7,504 ±69 1,254 ±5 LIHTC only 28 3, LIHTC and tax exempt bonds only 17 3,672 ± HOME only CDBG only Housing Production Trust Fund only All other combinations 64 7,194 ±4 591 ±4 2,550 ± ,060 ±118 5,382 ±113 6, ,498 1, , ± ,156 ± , ± ± , ,175 11,263 ±15 1,166 1,361 1,664 ±12 1,687 1,742 ± ,349 Sources: COG Assisted Housing Survey (2004) and National Low Income Housing Coalition Affordable Housing Preservation Catalog (2007) tabulated by NeighborhoodInfo DC. Notes: n/a = Not applicable. single subsidy, while another 18,370 (±255) units are in projects with some form of subsidy layering. The largest number of units in a single subsidy category, 7,384 units, are in traditional public housing developments operated by the D.C. Housing Authority. The second largest are those benefiting solely from projectbased Section 8 subsidies, 4,527 units. These units, along with the 7,504 (±69) units that combine Section 8 with other types of subsidies, 7 are of particular importance for preservation. With a total of 19,415 (±69) units, they constitute the federal government s deep subsidy programs in the District of Columbia, meaning that the federal subsidy is sufficient so that even the lowest income families can occupy them without paying more than 30 percent of their income for rent. The per-unit subsidies in the remaining project-based programs are not as large as in the deep subsidy programs, so they are only affordable to families with somewhat higher incomes typically in the range of 60 to 80 percent of the area median. 8 The largest share of these units are in projects benefiting from low-income housing tax credit (LIHTC) subsidies, either alone (3,367 units) or in combination with tax-exempt bond financing (3,672 ±183 units). Smaller numbers of units are currently being funded through federal HOME and CDBG subsidies, or through the local Housing Production Trust Fund. A further 7,194 (±4) units have some other combination of two or more subsidy programs. In addition to the project-based subsidies, low-income households can benefit from the federal housing choice voucher program. According to data reported by the Metropolitan Washington Council of Governments (COG) in 2004, 9,772 households in the District of Columbia were benefiting from a housing choice voucher. As noted earlier, vouchers can be used in some types of project-based assisted housing, and so the count of project-based units and tenant-based vouchers may overlap. Vouchers are an important part of the affordable housing picture in the District of Columbia, and the city recently voted to increase the supply of such subsidies by funding a new rental assistance program. The program, modeled on the federal voucher program, will provide local funding for additional housing vouchers to District residents. As of this report, the D.C. Housing Authority has issued 412 tenant-based rent supplement vouchers, with another 65 sponsor-based units and 29 project-based units under contract for the program. The Housing Authority anticipates having a total of 509 sponsor-based and 103 project-based units under contract by the end of March Ward 8 has by far the largest share of project-based housing units, as well as the largest number of voucher households. Over 11,000 units in subsidized housing projects are located in Ward 8, almost twice as many as in the second highest area, Ward 7 (table 4 and map 1). Ward 8 s total represents about a third (32 percent) of the affordable project-based housing units in the city. Wards 1, 5, 6, and 7 also have large numbers of affordable units, with over 4,000 units each, while Ward 2 has about 2,500. Wards 3 and 4 have a notably small number of subsidized housing units. Ward 8 also has the highest numbers of housing choice voucher holders, with 3,205 households. Second highest is Ward 7, with 2,125 households, and third is Ward 5, with 1,734 households. Since housing choice voucher 12

13 holders must find units that are at or below fair market rent, there are more apartments available to them in parts of the city where housing costs are lower. Nevertheless, research has also shown that discrimination also plays a role in where voucher households live, as some landlords may refuse to rent to households with a voucher. 9 This is despite the fact that it is illegal for a housing provider in the District of Columbia to refuse to rent to a tenant because he or she is using a voucher to pay for all or part of the monthly rent. 10 Taxable corporations and partnerships, most likely for-profit entities, account for the largest share of property owners of project-based subsidized housing. The second largest share of units is owned by the D.C. government, followed by community development corporations and other nonprofit housing providers. It is important to track who owns affordable housing, particularly for programs with subsidies that can expire. Profit-motivated owners may be more likely to leave subsidy programs if the market value of their property increases, whereas housing belonging to owners committed to providing affordable housing has a lower risk of being lost. In the District of Columbia, taxable corporations and partnerships own properties that make up 14,431 (±183) affordable housing units benefiting from project-based subsidies (table 5). This group is the largest owner of Section 8 subsidized properties in the city, as well as the largest owner of tax credit projects, subsidies that have expiration dates attached to them. The government of the District of Columbia is the second largest owner of project-based affordable units, with 7,806 units in properties that it owns. Not surprisingly, the vast majority of these (6,463 units) are in traditional public housing developments. The federal government also owns a portion of the public housing stock (901 units), along with some other properties benefiting from various combinations of subsidies. Community development corporations/associations and other nonprofit organizations own properties with 6,564 (±5) affordable housing units, the third largest share. More than half of these units benefit from the federal Section 8 program, either solely or in combination with other subsidies. Another 996 affordable units are in cooperative ownership, meaning the properties are owned by a cooperative association made up of housing residents. Individuals own another 2,102 (±1) units. Finally, religious institutions (such as churches and synagogues) own a small number of affordable units, primarily benefiting from the Section 8 program and HOME. Over 10,000 housing units are set to have their affordability restrictions expire by 2010, presenting a continuing challenge to preserving affordable housing in the city. Since its inception, the Housing Monitor has documented the threat of expirations in the Section 8 program. In this report, we expand this to looking at affordability restriction expirations for other categories of subsidized housing. Over 10,000 units have affordability periods that will end by 2010 (table 6 and figure 4), almost three-quarters of which are supported by deep subsidies from the federal government. Another 5,364 Table 5: Affordable Housing Units by Property Ownership, Washington, D.C. Affordable Housing Units by Property Ownership Taxable Corps./ Ownership Cooperative Individuals DC Gov. US Gov. CDC/Nonprofit Partnerships Religious Undetermined Project-Based Subsidies, ,102 ±1 7,806 1,093 6,564 ±5 14,431 ± ,157 ±67 Public housing only 0 0 6, Section 8 only ,558 2, Section 8 and other subsidies ,430 ±5 3,520 ± LIHTC only , LIHTC and tax exempt bonds only ± ,902 ± ±67 HOME only CDBG only Housing Production Trust Fund only All other combinations , ,921 3,083 ± Sources: National Low Income Housing Coalition Affordable Housing Preservation Catalog (2007) tabulated by NeighborhoodInfo DC. Notes: Total units = 34,981±

14 Table 6: Affordable Housing Units by Affordability Expiration, Washington, D.C. Affordable Housing Units by Year of Affordability Restriction Expiration Total 2007 or earlier or later Project-Based Subsidies, ,860 ±255 2,875 3,351 ±1 1,385 2,796 ±5 5,364 ±2 8,180 ±182 1,721 ± Section 8 only 4, , Section 8 and other subsidies 7,504 ±69 1,438 1,339 ±1 1, ±5 1,448 1,435 ± LIHTC only 3, , LIHTC and tax exempt bonds only 3,194 ± ±2 1,505 ± ±67 0 HOME only CDBG only Housing Production Trust Fund only All other combinations 6,706 ± ,202 3,658 ± Sources: National Low Income Housing Coalition Affordable Housing Preservation Catalog (2007) tabulated by NeighborhoodInfo DC. Notes: Table excludes 9,121 units in developments that have no affordability expiration. For projects with multiple contracts or subsidy sources, the latest expiration date is used. (±2) units are in projects that will expire by 2015, and a further 8,180 (±182) by Those benefiting from the low-income housing tax credit (LIHTC) make up the largest category, apart from Section 8, of affordable units at risk of expiring. 11 Putting the above figures differently, affordability restrictions will expire on 68 percent of the city s project-based subsidized housing over the next 14 years. As with Section 8, reaching expiration does not necessarily mean that these units will be lost to the affordable housing stock. Projects can receive renewed subsidy agreements or can be transferred to other programs to preserve affordability. Alternatively, tenants can attempt to purchase the building and, if they are successful, keep the units affordable. The data in table 6 indicate that the District of Columbia will face a significant challenge in preserving its affordable housing stock for years to come. The city can use this information to plan effective strategies for affordable housing preservation. For example, the D.C. Department of Housing and Community Development currently funds housing counseling groups in the city to work with tenants to help them purchase apartment buildings at risk of becoming unaffordable. By knowing when particular properties are expiring from subsidy programs, the city and the housing counseling groups can prioritize their activities toward the buildings that are at the most immediate risk. Figure 4: Subsidized Affordable Housing Units by Year of Affordability Restriction Expiration, Washington, D.C. 9,000 Total units = 25,860 ±255 8,000 8,180 7,000 6,000 5,000 5,364 4,000 3,000 2,000 2,875 3,351 2,796 1,000 1,385 1, or earlier or later 14 Source: National Low Income Housing Coalition Affordable Housing Preservation Catalog (2007) tabulated by NeighborhoodInfo DC. Notes: Chart excludes 9,121 units in projects that have no affordability expiration. For projects with multiple contracts or subsidy sources, the latest expiration date is used.

15 Notes 1 For more explanation of these data and the Section 8 housing program, please see the Summer 2006 Housing Monitor (p. 9). 2 The number of active units reported will vary from quarter to quarter because of updating delays in the HUD database upon which these figures are based, as well as other revisions to project information made by HUD in this file. Data in this report are derived from the July 3, 2007, update of the HUD database. 3 The most common reason for a Section 8 property to be terminated from the program is failure to pass successive HUD housing quality inspections. 4 A complete copy of the NLIHC Preservation Catalog can be obtained at 5 Total housing choice voucher count for D.C. was reported in the Metropolitan Washington Council of Governments (COG) Assisted Housing Survey, We apportioned the D.C. total to wards using additional data provided by the U.S. Department of Housing and Urban Development. 6 While the NLIHC Preservation Catalog includes some housing still in development, either new construction or rehabilitation projects, it is not possible to tell the status of a particular project from current data sources. We are working on a better accounting of existing vs. future housing developments for future reports. 7 The total project-based Section 8 housing in table 4 is higher than reported in table 3. This is because the NLIHC catalog combines unit counts across different program databases, and those unit counts do not always agree. The differences could be a result of data inaccuracies, but also might be because not all subsidized units in a project with overlapping subsidies receive Section 8 assistance. Table 4 reports all subsidized units in the project, regardless or whether they all receive overlapping subsidies. 8 The 2007 area median income for a four-person family living in the Washington, D.C., region was $94, See Peter Tatian, Barika Williams, and Kenneth Temkin, Analysis of Impediments to Fair Housing Choice in the District of Columbia (Washington, DC: D.C. Department of Housing and Community Development, 2006). 10 The D.C. Human Rights Act of 1977 prohibits discrimination in the provision of housing based on source of income. 11 LIHTC expirations were determined as 15 years after the year the units were placed in service. This is likely a conservative estimate for the expiration of LIHTC projects. 15

16 For More Information: Electronic versions of current and past editions of the District of Columbia Housing Monitor and more detailed data tables are available online at w w w.fa n n i e m a e f o u n dat i o n.o r g w w w.knowledgeplex.o r g 16

Statement of. Peter A. Tatian Senior Research Associate, Urban Institute

Statement of. Peter A. Tatian Senior Research Associate, Urban Institute Statement of Peter A. Tatian Senior Research Associate, Urban Institute Before the Council of the District of Columbia, Committee on Housing and Urban Affairs and Committee on Public Services and Consumer

More information

Multifamily Market Commentary February 2017

Multifamily Market Commentary February 2017 Multifamily Market Commentary February 2017 Affordable Multifamily Outlook Incremental Improvement Expected in 2017 We expect momentum in the overall multifamily sector to slow in 2017 due to elevated

More information

Subsidized. Housing. in 2017

Subsidized. Housing. in 2017 FACT BRIEF DECEMBER 2018 NYCHA s State Outsized of Role In New Housing York New City s York s Poorest Households Subsidized Housing Public housing is a critical part of the affordable housing landscape

More information

The Impact of Market Rate Vacancy Increases Eight-Year Report

The Impact of Market Rate Vacancy Increases Eight-Year Report The Impact of Market Rate Vacancy Increases Eight-Year Report January 1, 1999 - December 31, 2006 Santa Monica Rent Control Board March 2007 TABLE OF CONTENTS Summary 1 Units Rented at Market Rates Rates

More information

CHAPTER 7 HOUSING. Housing May

CHAPTER 7 HOUSING. Housing May CHAPTER 7 HOUSING Housing has been identified as an important or very important topic to be discussed within the master plan by 74% of the survey respondents in Shelburne and 65% of the respondents in

More information

in 2017 State of New York City s Subsidized Housing Funding for this report and for CoreData.nyc was provided by the New York City Council.

in 2017 State of New York City s Subsidized Housing Funding for this report and for CoreData.nyc was provided by the New York City Council. FACT BRIEF JUNE 2018 State of New York City s Subsidized Housing in 2017 Funding for this report and for CoreData.nyc was provided by the New York City Council. State of New York City s Subsidized Housing

More information

H o u s i n g N e e d i n E a s t K i n g C o u n t y

H o u s i n g N e e d i n E a s t K i n g C o u n t y 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 Number of Affordable Units H o u s i n g N e e d i n E a s t K i n g C o u n t y HOUSING AFFORDABILITY Cities planning under the state s Growth

More information

Multifamily Market Commentary November 2017

Multifamily Market Commentary November 2017 Multifamily Market Commentary November 2017 Affordable Housing Drives Development East of the Anacostia River Although Washington, DC has the nation s second-highest level of new multifamily units underway,

More information

820 First Street, NE, Suite 510, Washington, DC Tel: Fax:

820 First Street, NE, Suite 510, Washington, DC Tel: Fax: 820 First Street, NE, Suite 510, Washington, DC 20002 Tel: 202-408-1080 Fax: 202-408-1056 center@cbpp.org www.cbpp.org March 16, 2004 HUD S RELIANCE ON RENT TRENDS FOR HIGH-END APARTMENTS TO CRITICIZE

More information

Housing Price Forecasts. Illinois and Chicago PMSA, January 2018

Housing Price Forecasts. Illinois and Chicago PMSA, January 2018 Housing Price Forecasts Illinois and Chicago PMSA, January 2018 Presented To Illinois Realtors From R E A L Regional Economics Applications Laboratory, Institute of Government and Public Affairs University

More information

Housing Needs in Burlington s Downtown & Waterfront Areas

Housing Needs in Burlington s Downtown & Waterfront Areas Housing Needs in s Downtown & Waterfront Areas Researched and written by Vermont Housing Finance Agency for the City of Planning & Zoning Department 10/31/2011 Contents Introduction... 2 Executive Summary...

More information

The Corcoran Report 4Q16 MANHATTAN

The Corcoran Report 4Q16 MANHATTAN The Corcoran Report 4Q16 MANHATTAN Contents Fourth Quarter 2016 4/7 12/23 3 Overview 8 9 10 Market Wide 11 Luxury 24 2 Sales / Days on Market 3 Inventory / Months of Supply 4 5 Market Share Resale Co-ops

More information

The Impact of Market Rate Vacancy Increases One Year Report

The Impact of Market Rate Vacancy Increases One Year Report The Impact of Market Rate Vacancy Increases One Year Report January 1, 1999- December 31, 1999 Santa Monica Rent Control Board TABLE OF CONTENTS Summary 2 Market Rent Increases 1/1/99-12/31/99 4 Rates

More information

Multifamily Market Commentary September 2016

Multifamily Market Commentary September 2016 Multifamily Market Commentary September 2016 Big Impact from Small Multifamily Properties Multifamily rental units can be found in high-rise structures or in garden-style buildings, but there are a number

More information

RENTAL PRODUCTION AND SUPPLY

RENTAL PRODUCTION AND SUPPLY RENTAL PRODUCTION AND SUPPLY Despite a sharp uptick in the number of renter households, construction of multifamily units for rent declined in 27 for the fifth straight year. Even so, growth in the rental

More information

Housing Affordability in Lexington, Kentucky

Housing Affordability in Lexington, Kentucky University of Kentucky UKnowledge CBER Research Report Center for Business and Economic Research 6-29-2009 Housing Affordability in Lexington, Kentucky Christopher Jepsen University of Kentucky, chris.jepsen@uky.edu

More information

New affordable housing production hits record low in 2014

New affordable housing production hits record low in 2014 1 Falling Further Behind: Housing Production in the Twin Cities Region December 2015 Key findings Only a small percentage of added housing units were affordable to households with low and moderate incomes.

More information

Prepared For: Pennsylvania Utility Law Project (PULP) Harry Geller, Executive Director Harrisburg, Pennsylvania

Prepared For: Pennsylvania Utility Law Project (PULP) Harry Geller, Executive Director Harrisburg, Pennsylvania THE CONTRIBUTION OF UTILITY BILLS TO THE UNAFFORDABILITY OF LOW-INCOME RENTAL HOUSING IN PENNSYLVANIA June 2009 Prepared For: Pennsylvania Utility Law Project (PULP) Harry Geller, Executive Director Harrisburg,

More information

MARKET WATCH: Dakota County

MARKET WATCH: Dakota County MARKET WATCH: Dakota County Trends in the unsubsidized multifamily rental market Minnesota Housing Partnership OCTOBER 2018 Across the Twin Cities, the growing ranks of renter households are facing an

More information

Market Report Summary 2006 Northwest Arkansas. Prepared By Judy Luna. Copyright 2007 Judy Luna

Market Report Summary 2006 Northwest Arkansas. Prepared By Judy Luna. Copyright 2007 Judy Luna Market Report Summary 26 Northwest Arkansas Prepared By Judy Luna Copyright 27 Judy Luna Northwest Arkansas Market Area For the purposes of this report, the Northwest Arkansas market area includes Washington

More information

REAL ESTATE MARKET OVERVIEW 1 st Half of 2015

REAL ESTATE MARKET OVERVIEW 1 st Half of 2015 REAL ESTATE MARKET OVERVIEW 1 st Half of 2015 With Comparisons to the 2 nd Half of 2014 September 4, 2015 Prepared for: First Bank of Wyoming Prepared by: Ken Markert, AICP MMI Planning 2319 Davidson Ave.

More information

The State of Renters & Their Homes

The State of Renters & Their Homes FORECLOSURES FINDING #14 The number of pre-foreclosure notices issued to one- to four-unit properties and condominiums in 2015 fell from the previous year. Pre-foreclosure notices for one- to four-unit

More information

Young-Adult Housing Demand Continues to Slide, But Young Homeowners Experience Vastly Improved Affordability

Young-Adult Housing Demand Continues to Slide, But Young Homeowners Experience Vastly Improved Affordability Young-Adult Housing Demand Continues to Slide, But Young Homeowners Experience Vastly Improved Affordability September 3, 14 The bad news is that household formation and homeownership among young adults

More information

City of Lonsdale Section Table of Contents

City of Lonsdale Section Table of Contents City of Lonsdale City of Lonsdale Section Table of Contents Page Introduction Demographic Data Overview Population Estimates and Trends Population Projections Population by Age Household Estimates and

More information

ECONOMIC CURRENTS. Vol. 5 Issue 2 SOUTH FLORIDA ECONOMIC QUARTERLY. Key Findings, 2 nd Quarter, 2015

ECONOMIC CURRENTS. Vol. 5 Issue 2 SOUTH FLORIDA ECONOMIC QUARTERLY. Key Findings, 2 nd Quarter, 2015 ECONOMIC CURRENTS THE Introduction SOUTH FLORIDA ECONOMIC QUARTERLY Economic Currents provides an overview of the South Florida regional economy. The report presents current employment, economic and real

More information

UPGRADING PRIVATE PROPERTY AT PUBLIC EXPENSE The Rising Cost of J-51

UPGRADING PRIVATE PROPERTY AT PUBLIC EXPENSE The Rising Cost of J-51 UPGRADING PRIVATE PROPERTY AT PUBLIC EXPENSE The Rising Cost of J-51 POLICY BRIEF By Tom Waters and Victor Bach June 2012 The Community Service Society of New York (CSS) draws on a 168-year history of

More information

APPENDIX B DESCRIPTION OF MAJOR FEDERAL LOW-INCOME HOUSING ASSISTANCE PROGRAMS

APPENDIX B DESCRIPTION OF MAJOR FEDERAL LOW-INCOME HOUSING ASSISTANCE PROGRAMS 820 First Street NE, Suite 510 Washington, DC 20002 Tel: 202-408-1080 Fax: 202-408-1056 center@cbpp.org www.cbpp.org February 24, 2009 APPENDIX B DESCRIPTION OF MAJOR FEDERAL LOW-INCOME HOUSING ASSISTANCE

More information

Trends in Affordable Home Ownership in Calgary

Trends in Affordable Home Ownership in Calgary Trends in Affordable Home Ownership in Calgary 2006 July www.calgary.ca Call 3-1-1 PUBLISHING INFORMATION TITLE: AUTHOR: STATUS: TRENDS IN AFFORDABLE HOME OWNERSHIP CORPORATE ECONOMICS FINAL PRINTING DATE:

More information

Washington Market Highlights: Fourth Quarter 2018

Washington Market Highlights: Fourth Quarter 2018 Washington State s Housing Market 4th Quarter 2018 Washington Market Highlights: Fourth Quarter 2018 Existing home sales fell in the fourth quarter by 2.7 percent to a seasonally adjusted annual rate of

More information

The Impact of Market Rate Vacancy Increases Eleven-Year Report

The Impact of Market Rate Vacancy Increases Eleven-Year Report The Impact of Market Rate Vacancy Increases Eleven-Year Report January 1, 1999 - December 31, 2009 Santa Monica Rent Control Board April 2010 TABLE OF CONTENTS Summary 1 Vacancy Decontrol s Effects on

More information

Single Family Sales Maine: Units

Single Family Sales Maine: Units Maine Home Connection 19 Commercial St Portland, Maine 04101 MaineHomeConnection.com Office: (207) 517-3100 Email: Info@MaineHomeConnection.com For the fourth consecutive year, Maine home sales set a new

More information

Housing Market Update

Housing Market Update Housing Market Update March 2017 New Hampshire s Housing Market and Challenges Market Overview Dean J. Christon Executive Director, New Hampshire Housing Finance Authority New Hampshire s current housing

More information

Post-Katrina housing affordability challenges continue in 2008, worsening among Orleans Parish very low income renters

Post-Katrina housing affordability challenges continue in 2008, worsening among Orleans Parish very low income renters Post-Katrina housing affordability challenges continue in 2008, worsening among Orleans Parish very low income renters Based on 2004, 2007 and 2008 American Community Survey data from the U.S. Census Bureau

More information

State of Renters and Their Homes

State of Renters and Their Homes State of Renters and Their Homes As rents rose and renters incomes remained stagnant from to, many New Yorkers continued to face heavy rent burdens. In, roughly 30 percent of the city s renter households

More information

Residential September 2010

Residential September 2010 Residential September 2010 Karl L. Guntermann Fred E. Taylor Professor of Real Estate Adam Nowak Research Associate For the first time since March, house prices turned down slightly in August (-2 percent)

More information

Status of HUD-Insured (or Held) Multifamily Rental Housing in Final Report. Executive Summary. Contract: HC-5964 Task Order #7

Status of HUD-Insured (or Held) Multifamily Rental Housing in Final Report. Executive Summary. Contract: HC-5964 Task Order #7 Status of HUD-Insured (or Held) Multifamily Rental Housing in 1995 Final Report Executive Summary Cambridge, MA Lexington, MA Hadley, MA Bethesda, MD Washington, DC Chicago, IL Cairo, Egypt Johannesburg,

More information

Housing Price Forecasts. Illinois and Chicago PMSA, March 2018

Housing Price Forecasts. Illinois and Chicago PMSA, March 2018 Housing Price Forecasts Illinois and Chicago PMSA, March 2018 Presented To Illinois Realtors From R E A L Regional Economics Applications Laboratory, Institute of Government and Public Affairs University

More information

Housing Indicators in Tennessee

Housing Indicators in Tennessee Housing Indicators in l l l By Joe Speer, Megan Morgeson, Bettie Teasley and Ceagus Clark Introduction Looking at general housing-related indicators across the state of, substantial variation emerges but

More information

Preservation of the Affordable Housing Stock

Preservation of the Affordable Housing Stock A F F O R D A B L E H O U S I N G ISSUES S H I M B E R G C E N T E R F O R A F F O R D A B L E H O U S I N G M.E. Rinker, Sr., School of Building Construction College of Design, Construction & Planning

More information

June 12, 2014 Housing Data: Statistics and Trends

June 12, 2014 Housing Data: Statistics and Trends June 12, 214 Housing Data: Statistics and Trends This presentation was provided to the Mayor s Housing Commission on June 12, 214 and provided to Council on June 23, 214 along with a report summarizing

More information

STRENGTHENING RENTER DEMAND

STRENGTHENING RENTER DEMAND 5 Rental Housing Rental housing markets experienced another strong year in 2012, with the number of renter households rising by over 1.1 million and marking a decade of unprecedented growth. New construction

More information

Data Note 1/2018 Private sector rents in UK cities: analysis of Zoopla rental listings data

Data Note 1/2018 Private sector rents in UK cities: analysis of Zoopla rental listings data Data Note 1/2018 Private sector rents in UK cities: analysis of Zoopla rental listings data Mark Livingston, Nick Bailey and Christina Boididou UBDC April 2018 Introduction The private rental sector (PRS)

More information

By several measures, homebuilding made a comeback in 2012 (Figure 6). After falling another 8.6 percent in 2011, single-family

By several measures, homebuilding made a comeback in 2012 (Figure 6). After falling another 8.6 percent in 2011, single-family 2 Housing Markets With sales picking up, low inventories of both new and existing homes helped to firm prices and spur new single-family construction in 212. Multifamily markets posted another strong year,

More information

Multifamily Market Commentary February 2018

Multifamily Market Commentary February 2018 Multifamily Market Commentary February 2018 2018 Multifamily Affordable Market Outlook A Long Way to Go Momentum in the overall multifamily sector will likely slow in 2018 due to elevated levels of new

More information

The Corcoran Report 3Q17 MANHATTAN

The Corcoran Report 3Q17 MANHATTAN The Corcoran Report 3Q17 MANHATTAN Contents Third Quarter 2017 4/7 12/23 3 Overview 8 9 10 Market Wide 11 Luxury 24 4 Sales / Days on Market 5 Inventory / Months of Supply 6 7 Market Share Resale Co-ops

More information

Median Income and Median Home Price

Median Income and Median Home Price Homeownership Remains Unaffordable; Rental Affordability Showing Signs of Improvement Richard E. Taylor, Research Manager at MaineHousing MaineHousing has released the 217 Maine Homeownership and Rental

More information

NPI-Market Value Percentiles

NPI-Market Value Percentiles Distributions over Time In July, Research Corner looked at data distributions from the first quarter 2014 NCREIF database. This month s Research Corner revisits the subject of distributions from a time

More information

High-priced homes have a unique place in the

High-priced homes have a unique place in the Livin' Large Texas' Robust Luxury Home Market Joshua G. Roberson December 3, 218 Publication 2217 High-priced homes have a unique place in the overall housing market. Their buyer pool, home characteristics,

More information

RESIDENTIAL MARKET ANALYSIS

RESIDENTIAL MARKET ANALYSIS RESIDENTIAL MARKET ANALYSIS CLANCY TERRY RMLS Student Fellow Master of Real Estate Development Candidate Oregon and national housing markets both demonstrated shifting trends in the first quarter of 2015

More information

NOVEMBER 2018 Harrisonburg & Rockingham County Real Estate Market Report

NOVEMBER 2018 Harrisonburg & Rockingham County Real Estate Market Report NOVEMBER 218 Real Estate Market Report An analysis of real estate activity through October 31, 218 provided courtesy of Scott P. Rogers, Funkhouser Real Estate Group Custom-Built Highland Park Home with

More information

Washington Market Highlights: Third Quarter 2018

Washington Market Highlights: Third Quarter 2018 Washington State s Housing Market 3rd Quarter 2018 Washington Market Highlights: Third Quarter 2018 Existing home sales rose in the third quarter by 0.1 percent to a seasonally adjusted annual rate of

More information

Rapid recovery from the Great Recession, buoyed

Rapid recovery from the Great Recession, buoyed Game of Homes The Supply-Demand Struggle Laila Assanie, Sarah Greer, and Luis B. Torres October 4, 2016 Publication 2143 Rapid recovery from the Great Recession, buoyed by the shale oil boom, has fueled

More information

ARLA Members Survey of the Private Rented Sector

ARLA Members Survey of the Private Rented Sector Prepared for The Association of Residential Letting Agents ARLA Members Survey of the Private Rented Sector Second Quarter 2014 Prepared by: O M Carey Jones 5 Henshaw Lane Yeadon Leeds LS19 7RW June, 2014

More information

Cost of owning and running a home at highest level since 2008

Cost of owning and running a home at highest level since 2008 This is the annual Halifax review of the cost of owning and running a home. The review is compiled using a range of official statistics, including the ONS Family Spending Survey, DCLG and Halifax's own

More information

2015 First Quarter Market Report

2015 First Quarter Market Report 2015 First Quarter Market Report CAAR Member Copy Expanded Edition Charlottesville Area First Quarter 2015 Highlights: Median sales price for the region was up 5.1% over Q1-2014, rising from $244,250 to

More information

Consolidated Planning Process

Consolidated Planning Process Consolidated Planning Process By Ed Gramlich, Director of Regulatory Affairs, National Low Income Housing Coalition Administering agency: HUD s Office of Community Planning and Development Year Program

More information

REGIONAL. Rental Housing in San Joaquin County

REGIONAL. Rental Housing in San Joaquin County Lodi 12 EBERHARDT SCHOOL OF BUSINESS Business Forecasting Center in partnership with San Joaquin Council of Governments 99 26 5 205 Tracy 4 Lathrop Stockton 120 Manteca Ripon Escalon REGIONAL analyst april

More information

DETACHED MULTI-UNIT APPROVALS

DETACHED MULTI-UNIT APPROVALS HIA New Home Sales DETACHED MULTI-UNIT APPROVALS SALES MULTI-UNIT DETACHED A monthly update on the sales of new homes December 217 TAX BURDEN TAKES TOLL ON New Home Sales during 217 Sales still post modest

More information

Minneapolis St. Paul Residential Real Estate Index

Minneapolis St. Paul Residential Real Estate Index University of St. Thomas Minneapolis St. Paul Residential Real Estate Index Welcome to the latest edition of the UST Minneapolis St. Paul Residential Real Estate Index. The University of St Thomas Residential

More information

San Francisco HOUSING INVENTORY

San Francisco HOUSING INVENTORY 2008 San Francisco HOUSING INVENTORY San Francisco Planning Department April 2009 1 2 3 4 1 888 Seventh Street - 227 units including 170 off-site inclusionary affordable housing units; new construction

More information

CITI HABITATS. Manhattan Residential Sales Market Report

CITI HABITATS. Manhattan Residential Sales Market Report Manhattan Residential Sales Market Report Contents 4/7 12/17 3 8 9 10 Market Wide 4 Sales / Days on Market 5 / Months of Supply 6 7 Market Share Resale Co-ops Resale Condos New Developments 11 Luxury Neighborhoods

More information

STATPAK MARKET IN A MINUTE A SUMMARY OF MARKET CONDITIONS FOR FEBRUARY McEnearney.com CONTRACTS URGENCY INDEX INVENTORY INTEREST RATES

STATPAK MARKET IN A MINUTE A SUMMARY OF MARKET CONDITIONS FOR FEBRUARY McEnearney.com CONTRACTS URGENCY INDEX INVENTORY INTEREST RATES STATPAK LOUDOUN COUNTY MARCH 2018 McEnearney.com MARKET IN A MINUTE A SUMMARY OF MARKET CONDITIONS FOR FEBRUARY 2018 Contract activity in February 2018 was almost unchanged, up just 0.2% from February

More information

5 RENTAL AFFORDABILITY

5 RENTAL AFFORDABILITY 5 RENTAL AFFORDABILITY While affordability has improved somewhat, the share of renter households with cost burdens remains well above levels in 21. Although picking up since 211, renter incomes still lag

More information

NINE FACTS NEW YORKERS SHOULD KNOW ABOUT RENT REGULATION

NINE FACTS NEW YORKERS SHOULD KNOW ABOUT RENT REGULATION NINE FACTS NEW YORKERS SHOULD KNOW ABOUT RENT REGULATION July 2009 Citizens Budget Commission Since 1993 New York City s rent regulations have moved toward deregulation. However, there is a possibility

More information

Filling the Gaps: Active, Accessible, Diverse. Affordable and other housing markets in Johannesburg: September, 2012 DRAFT FOR REVIEW

Filling the Gaps: Active, Accessible, Diverse. Affordable and other housing markets in Johannesburg: September, 2012 DRAFT FOR REVIEW Affordable Land and Housing Data Centre Understanding the dynamics that shape the affordable land and housing market in South Africa. Filling the Gaps: Affordable and other housing markets in Johannesburg:

More information

San Francisco Housing Market Update

San Francisco Housing Market Update San Francisco Housing Market Update California Economic and Housing Market Outlook The national economy maintained a healthy growth rate in the first quarter of 2005 and appeared to be settling in for

More information

Foreclosures Continue to Bring Home Prices Down * FNC releases Q Update of Market Distress and Foreclosure Discount

Foreclosures Continue to Bring Home Prices Down * FNC releases Q Update of Market Distress and Foreclosure Discount Foreclosures Continue to Bring Home Prices Down * FNC releases Q4 2011 Update of Market Distress and Foreclosure Discount The latest FNC Residential Price Index (RPI), released Monday, indicates that U.S.

More information

City of Exeter Housing Element

City of Exeter Housing Element E. Identification and Analysis of Developments At-Risk of Conversion Pursuant to Government Code Section 65583, subdivision (a), paragraph (8), this sub-section should include an analysis of existing assisted

More information

ANNUAL HOUSE PRICE GROWTH RISES TO 4.5%

ANNUAL HOUSE PRICE GROWTH RISES TO 4.5% ANNUAL HOUSE PRICE GROWTH RISES TO 4.5% 07/11/2017 +4.5% Annual change +0.3% Monthly change +2.3% Quarterly change 225,826 Average Price House prices in the last three months (August-October) were 2.3%

More information

MARKET AREA UPDATE Report as of: 1Q 2Q 3Q 4Q

MARKET AREA UPDATE Report as of: 1Q 2Q 3Q 4Q MARKET AREA UPDATE Report as of: 1Q 2Q 3Q 4Q Year: 2013 Market Area (City, State): Arlington, Virginia Provided by (Company / Companies): McEnearney Associates, Inc. Realtors What are the most significant

More information

THE REAL ESTATE BOARD OF NEW YORK REAL ESTATE BROKER CONFIDENCE INDEX THIRD QUARTER 2016

THE REAL ESTATE BOARD OF NEW YORK REAL ESTATE BROKER CONFIDENCE INDEX THIRD QUARTER 2016 THE REAL ESTATE BOARD OF NEW YORK REAL ESTATE BROKER CONFIDENCE INDEX THIRD QUARTER 2016 EXECUTIVE SUMMARY REAL ESTATE BROKER CONFIDENCE INDEX THIRD QUARTER 2016 The Real Estate Board of New York s (REBNY)

More information

FEBRUARY 2019 Harrisonburg & Rockingham County Real Estate Market Report

FEBRUARY 2019 Harrisonburg & Rockingham County Real Estate Market Report FEBRUARY 219 Real Estate Market Report An analysis of real estate activity through January 31, 219 provided courtesy of Scott P. Rogers, Funkhouser Real Estate Group Immaculate Brick Highland Park Colonial

More information

Save Our Homes. A Call to Action

Save Our Homes. A Call to Action Save Our Homes A Call to Action Save Our Homes: A Call to Action BACKGROUND: SECTION 8 BUILDINGS During the 1970s and 1980s, a critical affordable housing program for New York was the Federal government

More information

Property Barometer Q2 2012

Property Barometer Q2 2012 Property Barometer Q2 2012 Measuring the Property Market Analysis by Annette Hughes, DKM Economic Consultants Contents 3 Introduction + Highlights 4 Market analysis 8 County by County Analysis: Market

More information

CULPEPER AFFORDABLE HOUSING NEEDS ASSESSMENT SUBMITTED TO VIRGINIA DEPARTMENT OF HOUSING AND COMMUNITY DEVELOPMENT JUNE 2013

CULPEPER AFFORDABLE HOUSING NEEDS ASSESSMENT SUBMITTED TO VIRGINIA DEPARTMENT OF HOUSING AND COMMUNITY DEVELOPMENT JUNE 2013 CULPEPER AFFORDABLE HOUSING NEEDS ASSESSMENT SUBMITTED TO VIRGINIA DEPARTMENT OF HOUSING AND COMMUNITY DEVELOPMENT JUNE 2013 Prepared by the Culpeper Affordable Housing Committee and Rappahannock-Rapidan

More information

Multifamily Market Commentary December 2018

Multifamily Market Commentary December 2018 Multifamily Market Commentary December 218 Small Multifamily a Big Deal in Los Angeles Small multifamily properties those with five- to 5-units are getting more attention as an important source of affordable

More information

Credit Constraints for Small Multifamily Rental Properties

Credit Constraints for Small Multifamily Rental Properties MARCH 2012 DEPAUL UNIVERSITY INSTITUTE FOR HOUSING STUDIES Research Brief Credit Constraints for Small Multifamily Rental Properties INTRODUCTION Small multifamily properties are critical to the supply

More information

Minneapolis St. Paul Residential Real Estate Index

Minneapolis St. Paul Residential Real Estate Index University of St. Thomas Minneapolis St. Paul Residential Real Estate Index Welcome to the latest edition of the UST Minneapolis St. Paul Residential Real Estate Index. The University of St Thomas Residential

More information

sliding scale using a project's Walk Score.] No.

sliding scale using a project's Walk Score.] No. State: MICHIGAN (QAP Michigan State Housing Development Authority (MSHDA) 2013-14) Measure Evidence HOUSING LOCATION: Site and Neighborhood Standards A1. Mandatory restrictions prohibiting increases in

More information

UC Berkeley Fisher Center Working Papers

UC Berkeley Fisher Center Working Papers UC Berkeley Fisher Center Working Papers Title The Case for Preserving Costa-Hawkins - The Potential Impacts of Rent Control on Single Family Homes Permalink https://escholarship.org/uc/item/8wt9p088 Author

More information

Owner spending on improvements to existing homes also rose over the past year. Benefiting from strengthening house sales, CONSTRUCTION RECOVERY

Owner spending on improvements to existing homes also rose over the past year. Benefiting from strengthening house sales, CONSTRUCTION RECOVERY 2 Housing Markets After another year of healthy growth in 213, the housing market paused in the first quarter of 214. The renewed weakness in residential construction, sales, and prices raised fears that

More information

UDIA WA DEVELOPMENT JUNE 2018

UDIA WA DEVELOPMENT JUNE 2018 UDIA WA DEVELOPMENT JUNE 218 UDIA (WA) The UDIA provides market research and in-depth analysis of the urban development industry and property market. To download this report and other UDIA research visit

More information

NORTHERN VIRGINIA MARCH 2017

NORTHERN VIRGINIA MARCH 2017 STATPAK NORTHERN VIRGINIA MARCH 2017 McEnearney.com MARKET IN A MINUTE A SUMMARY OF MARKET CONDITIONS FOR FEBRUARY 2017 Contract activity in February 2017 was up 4.0% from February 2016, and there were

More information

INLAND EMPIRE REGIONAL INTELLIGENCE REPORT. School of Business. April 2018

INLAND EMPIRE REGIONAL INTELLIGENCE REPORT. School of Business. April 2018 INLAND EMPIRE REGIONAL INTELLIGENCE REPORT April 2018 Key economic indicators suggest that the Inland Empire s economy will continue to expand throughout the rest of 2018, building upon its recent growth.

More information

RESIDENTIAL MARKET ANALYSIS

RESIDENTIAL MARKET ANALYSIS RESIDENTIAL MARKET ANALYSIS EVAN ABRAMOWITZ RMLS Student Fellow Master of Real Estate Development Graduate Student September existing-home sales declined modestly, but inventory continued to tighten and

More information

Implementing Small Area Fair Market Rents (SAFMRs) in the HCV Program. Plano Housing Authority Case Study

Implementing Small Area Fair Market Rents (SAFMRs) in the HCV Program. Plano Housing Authority Case Study Implementing Small Area Fair Market Rents (SAFMRs) in the HCV Program Plano Housing Authority Case Study 1 Contents Background...2 Motivations for Implementing SAFMR...2 Market conditions...2 Strategic

More information

Key Findings on the Affordability of Rental Housing from New York City s Housing and Vacancy Survey 2008

Key Findings on the Affordability of Rental Housing from New York City s Housing and Vacancy Survey 2008 Furman Center for real estate & urban policy New York University school of law n wagner school of public service 110 West 3rd Street, Suite 209, New York, NY 10012 n Tel: (212) 998-6713 n www.furmancenter.org

More information

MARCH 2019 Harrisonburg & Rockingham County Real Estate Market Report

MARCH 2019 Harrisonburg & Rockingham County Real Estate Market Report MARCH 219 Real Estate Market Report An analysis of real estate activity through February 28, 219 provided courtesy of Scott P. Rogers, Funkhouser Real Estate Group Spacious Four Bedroom Brick Colonial

More information

City Center Market-Rate Housing Study

City Center Market-Rate Housing Study City Center Market-Rate Housing Study OVERVIEW The City of Bellingham, with the assistance of students from Western Washington University, conducted a study of market-rate rental housing during April and

More information

Housing Vouchers versus Housing Production: Assessing Long-Term Costs

Housing Vouchers versus Housing Production: Assessing Long-Term Costs Housing Policy Debate Volume 9, Issue 2 355 Fannie Mae Foundation 1998. All Rights Reserved. Housing Vouchers versus Housing Production: Assessing Long-Term Costs Kirk McClure University of Kansas Abstract

More information

City of Exeter Housing Element

City of Exeter Housing Element D. Housing Stock Characteristics Government Code Section 65583(a) requires an analysis and documentation of household characteristics, including level of payment compared to ability to pay, housing characteristics,

More information

MARKET IN A MINUTE A SUMMARY OF MARKET CONDITIONS FOR SEPTEMBER & 3rd QUARTER 2017

MARKET IN A MINUTE A SUMMARY OF MARKET CONDITIONS FOR SEPTEMBER & 3rd QUARTER 2017 STATPAK LOUDOUN COUNTY OCTOBER 2017 McEnearney.com MARKET IN A MINUTE A SUMMARY OF MARKET CONDITIONS FOR SEPTEMBER & 3rd QUARTER 2017 Contract activity in September 2017 was up just 0.6% from September

More information

Washington Market Highlights: Fourth Quarter 2017

Washington Market Highlights: Fourth Quarter 2017 Washington State s Housing Market 4th Quarter 2017 Washington Market Highlights: Fourth Quarter 2017 Existing home sales declined in the fourth quarter by 0.2 percent to a seasonally adjusted annual rate

More information

Metro Atlanta Rental Housing Affordability: How Hot is Too Hot for Low-Income Workers?

Metro Atlanta Rental Housing Affordability: How Hot is Too Hot for Low-Income Workers? Metro Atlanta Rental Housing Affordability: How Hot is Too Hot for Low-Income Workers? July 2018 Atlanta Regional Commission For more information, contact: cdegiulio@atlantaregional.org Metro Atlanta s

More information

Town of Windham. Planning Department 8 School Road Windham, ME Voice ext. 2 Fax

Town of Windham. Planning Department 8 School Road Windham, ME Voice ext. 2 Fax Town of Windham Planning Department 8 School Road Windham, ME 04062 Voice 207.894.5960 ext. 2 Fax 207.892.1916 Comprehensive Plan Review Team #12 RSU Superintendents Office Building, 1 st Floor Conference

More information

INLAND EMPIRE REGIONAL INTELLIGENCE REPORT

INLAND EMPIRE REGIONAL INTELLIGENCE REPORT INLAND EMPIRE REGIONAL INTELLIGENCE REPORT June 2016 EMPLOYMENT After a slow start to 2016, the Inland Empire s labor market returned to form, in recent job figures. Seasonally adjusted nonfarm employment

More information

Carver County AFFORDABLE HOUSING UPDATE

Carver County AFFORDABLE HOUSING UPDATE Carver County AFFORDABLE HOUSING UPDATE July 2017 City of Carver Community Partners Research, Inc. Lake Elmo, MN Executive Summary - Carver Key Findings - 2017 Affordable Housing Study Update Carver has

More information

Document under Separate Cover Refer to LPS State of Housing

Document under Separate Cover Refer to LPS State of Housing Document under Separate Cover Refer to LPS5-17 216 State of Housing Contents Housing in Halton 1 Overview The Housing Continuum Halton s Housing Model 3 216 Income & Housing Costs 216 Indicator of Housing

More information

MARKET IN A MINUTE A SUMMARY OF MARKET CONDITIONS FOR MARCH & 1st QUARTER 2016

MARKET IN A MINUTE A SUMMARY OF MARKET CONDITIONS FOR MARCH & 1st QUARTER 2016 STATPAK ` WASHINGTON, DC APRIL 2016 MARKET IN A MINUTE A SUMMARY OF MARKET CONDITIONS FOR MARCH & 1st QUARTER 2016 Contract activity in March 2016 was up 12.6% from March of 2015, and there were increases

More information

Quarterly Housing Market Update

Quarterly Housing Market Update Quarterly Housing Market Update An Overview New Hampshire s current housing market performance, as well as its overall economy, is slowly improving, with positives such as increasing employment and rising

More information